QUICK CO.,(603203) 华安证券·2024-11-13 07:57Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the company's performance in Q3 2024 was in line with expectations, with revenue growth in the third quarter, although profits slightly declined due to the acceptance product structure [1] - The company achieved a revenue of 683 million yuan in the first three quarters of 2024, representing a year-on-year increase of 15.13%, while the net profit attributable to the parent company was 163 million yuan, up 4.33% year-on-year [1] - The report highlights the company's deepening product matrix layout and continuous expansion into application fields, particularly in precision welding and automation solutions [1] Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 48.31%, a decrease of 2.44 percentage points year-on-year, and a net profit margin of 23.84%, down 2.47 percentage points year-on-year [1] - The third quarter of 2024 saw a revenue of 232 million yuan, a year-on-year increase of 22.00% and a quarter-on-quarter increase of 2.90%, while the net profit was 44 million yuan, a year-on-year decrease of 7.31% and a quarter-on-quarter decrease of 25.36% [1] - The company’s inventory as of the end of Q3 2024 was 316 million yuan, up 24.89% year-on-year, and accounts payable were 328 million yuan, an increase of 49.72% year-on-year [1] Revenue and Profit Forecast - The company is expected to achieve revenues of 1,018 million yuan, 1,241 million yuan, and 1,493 million yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 28.5%, 21.9%, and 20.3% [2] - The net profit attributable to the parent company is forecasted to be 264 million yuan, 323 million yuan, and 401 million yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 38.0%, 22.6%, and 24.2% [2] - The report anticipates a diluted EPS of 1.1 yuan, 1.3 yuan, and 1.6 yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 24, 19, and 16 [2]